Orange County NC Website
Browse       Search
9 <br /> FY 2018-19 Spring Financing <br /> Installment Purchase Agreement <br /> Gary Donaldson, Chief Financial Officer <br /> March 19, 2019 <br /> Public Hearing Purpose <br /> ➢ Board Approval for FY 2018-19 Installment Purchase Financing as authorized under <br /> Section 160A-20 of North Carolina General Statutes <br /> ➢ Issuance of approximately $25,985,000 to finance capital improvement projects, <br /> vehicles and equipment <br /> ➢ Approve Resolution supporting Installment Purchase application to the Local <br /> Government Commission <br /> Installment Purchase Terms <br /> ➢ Security Pledge- County collateral of Southern Campus and the Meadowlands <br /> emergency operations buildings <br /> ➢ Maturity Term- 5- 20 Year maturities matches with the useful life of the assets <br /> ➢ Estimated Interest Rates- 3%-4% subject to market conditions <br /> ➢ Source of Repayment- Property Tax, Article 46 Sales Tax (for Hillsborough EDD Utility) <br /> and Solid Waste Fees (for Vehicles and Equipment) <br /> ➢ Subordinate Lien to General Obligation Bonds <br /> ➢ Current and Projected Ratings- AA1/AA+/AA+ from Moody's, Standard & Poor's and <br /> Fitch Ratings <br /> ➢ LGC Approval required <br /> List of Projects to be Financed (chart) <br /> Financing Calendar <br /> Key Dates Task <br /> March 3rd and 6th Public Hearing Notice Advertisement in Herald-Sun and News of <br /> Orange <br /> March 191h Public Hearing and Board Action Adopting Resolution supporting <br /> LGC application <br /> April 151h—30th County submits LGC application and credit reviews <br /> May 2nd Board action adopting final resolution and financial terms <br /> May 71h LGC approves installment purchase financing <br /> Week of May 27th Installment purchase closing <br /> Questions/Comments <br /> Bob Jessup said he is here to answer any questions. <br /> Commissioner Dorosin said the Board will be approving a Capital Investment Plan <br /> (CIP) as part of the upcoming budget, and asked if these projects are from past CIPs. <br /> Gary Donaldson said yes. <br /> Commissioner Dorosin clarified that the projects coming off the list will be placed on a <br /> new list in the fall. <br /> Gary Donaldson said yes, and once the GMP comes before the Board in the fall, staff <br /> will present that to the LGC at its October meeting. <br /> Commissioner Dorosin asked if there will be two separate financings sent to the LGC. <br /> Gary Donaldson said yes. <br />